Transfer of input tax credit reduces State tax and mandates transfer to the integrated tax account in prescribed manner. When input tax credit is utilised for payment of integrated tax dues as shown in a valid return, the State tax amount is reduced by the utilised credit ... Summary
Transfer of input tax credit reduces State tax and mandates transfer to the integrated tax account in prescribed manner.
When input tax credit is utilised for payment of integrated tax dues as shown in a valid return, the State tax amount is reduced by the utilised credit and the State Government must transfer an equal amount from the State tax account to the integrated tax account in the manner and within the time prescribed.
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